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Recent Japanese Yen weakness is taking a breather – Commerzbank

FXStreet (Barcelona) - According to Alex Rudolph, Analyst at Commerzbank, the recent Japanese Yen weakness is taking a pause as USD/JPY falls back to 117.95 levels after having briefly risen to 118.98 on Thursday.

Key Quotes

“USD/JPY trades back around the 117.95 October 2007 high, having briefly risen to 118.98 on Thursday. Above it lurk the January and October 2006 highs at 119.40/88 and also the psychological 120.00 region.”

“We believe, though, that the accelerated support line at 117.36 will today be tested instead.”

“Only in case of an unexpected drop below the 115.45 level being seen, would the 113.86 10th November low be back in focus.”

“Key support are the uptrend at 112.32 and the 110.67 August 2008 high. While it holds, pressure remains on the topside.”

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